Nigeria’s total foreign trade (value of exports and imports) rose to N9.18 trillion in the third quarter (Q3) of 2019, up from N8.60 trillion recorded in the previous quarter (Q2).
According to the latest foreign trade report released by the National Bureau of Statistics (NBS), the total foreign trade increased by 6.67% within the quarter, a rise of N582.3 billion.
The value of the export component stood at N5.28 trillion, a 15.02% increase when compared to N4.59 trillion in Q2 2019.
On the other hand, Nigeria’s total import in Q3 was valued at N3.89 trillion, a 2.70% drop against N4.01 trillion in Q2 2019.
According to the NBS report, the increase in exports coupled with the decrease in imports led to a positive trade balance of N1.38 trillion during the period under review.
A quick breakdown shows that Nigeria’s non-oil export rose by 374.5% between Q2 and Q3 2019. Specifically, the nation’s non-oil export rose to 1.08 trillion in Q3 from N227.6 billion in Q2 2019.